Canopy Growth (NASDAQ:CGC) Stock Price Down 5.1%

Canopy Growth Co. (NASDAQ:CGC)’s share price fell 5.1% during mid-day trading on Monday . The stock traded as low as $9.54 and last traded at $9.72. 13,452,755 shares changed hands during trading, an increase of 17% from the average session volume of 11,506,826 shares. The stock had previously closed at $10.24.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CGC. Piper Sandler cut their target price on shares of Canopy Growth from $5.00 to $3.00 and set an “underperform” rating for the company in a research note on Monday, February 12th. Sanford C. Bernstein boosted their price objective on Canopy Growth to $5.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st.

Canopy Growth Trading Down 4.7 %

The company has a quick ratio of 1.40, a current ratio of 1.79 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $914.83 million, a price-to-earnings ratio of -0.59 and a beta of 1.10. The company’s fifty day simple moving average is $6.98 and its two-hundred day simple moving average is $5.71.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings data on Friday, February 9th. The company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($1.34). The company had revenue of $57.67 million for the quarter, compared to the consensus estimate of $53.25 million. Canopy Growth had a negative return on equity of 73.48% and a negative net margin of 326.75%. Research analysts forecast that Canopy Growth Co. will post -6.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CGC. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Canopy Growth by 197.5% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 43,179 shares of the company’s stock valued at $34,000 after purchasing an additional 28,666 shares during the period. Sycomore Asset Management bought a new stake in Canopy Growth in the third quarter valued at approximately $39,000. Genesee Capital Advisors LLC lifted its position in shares of Canopy Growth by 29.9% in the first quarter. Genesee Capital Advisors LLC now owns 13,047 shares of the company’s stock valued at $113,000 after buying an additional 3,000 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Canopy Growth by 30.7% during the 3rd quarter. Mackenzie Financial Corp now owns 173,330 shares of the company’s stock worth $136,000 after acquiring an additional 40,675 shares during the period. Finally, PCG Wealth Advisors LLC increased its holdings in shares of Canopy Growth by 73.6% during the 1st quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after acquiring an additional 13,300 shares during the last quarter. 3.33% of the stock is currently owned by institutional investors.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.